Actuaries Abroad

California Actuarial Student Summit 2019 UC Santa Barbara

Andrew Peterson, FSA, EA, MAAASenior Director, International, SOA

May 25, 2019

Discussion topics

▪ Global actuarial profession

▪ Becoming an actuary & SOA pathway

▪ Working internationally: qualifications & job market

2

3

44%

38%

8%

4%3%

2% 0%

Global Actuarial Profession(Total ~80,000)

North America

Europe

Asia

Oceania

Latin America

Africa

Middle East

Estimated results based on 2018 Intl. Actuarial Association (IAA) data; distributions are approximate due to potential overlap in membership in different regions.

Around the Globe – Snapshot

16253

6064

1636

1185

559

538 4,765

IFoA Global Footprint (2017/18)

UK

India

Ireland

South Africa

China

ROW

Includes both Actuaries (~15,000) + Students (~16,000) = ~31,000

6,944

903

105186 79

135CAS Global Footprint (2018)

US

Canada

Bermuda

China/HK/Singapore

UK/Switzerland

ROW

Members : 8,352

Around the Globe – Snapshot

4

20,560 5,213

1,221 3,048

22 1,261

SOA Global Footprint (2018)

United States

Canada

China

Asia-Pacific

Latin America

Rest of the World

Members : 31,325

30%

20%11%

11%

11%

5%

4%4%

2% 1% 1%

SOA Members + Candidates in Asia (2018)

China

Hong Kong

Malaysia

Korea, Republic of

Taiwan

Thailand

Singapore

Philippines

Vietnam

Japan

Indonesia

Becoming an actuary & SOA pathway

Becoming an Actuary –4 Primary Intl. Credentials

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SOA (US)—ASA, FSA• Practice Areas: All covered• Choose specialty track after obtaining ASA• Self-study or university curriculum to master actuarial concepts• Advance through series of exams to earn credential • Complete/attend certain modules/courses

https://www.soa.org/education/general-info/default/

CAS (USA)– ACAS, FCAS• Practice Area: Property & Casualty • Self-study or university curriculum to master concepts• University and exam pathways• Advance through a series of exams to earn credential • Complete/attend certain modules/courses

https://www.casact.org/admissions/process/

IFoA (UK)— AIA, FIA• Practice areas: All Covered• Register as a Student Member • Advance through series of exams to earn credential • Complete/attend certain modules/courses• Meet work-based requirement

https://www.actuaries.org.uk/become-actuary/how-become-actuary

AI (Australia)— AIAA, FIAA• Practice areas: Enterprise Risk Management, General Insurance, Life

Insurance & Wealth Management• Hybrid of university courses, online modules & examinations• In transition with credentialing system• Meet work-based requirement

https://www.actuaries.asn.au/studying-with-the-institute/how-do-i-qualify

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Becoming an Actuary –4 Primary Intl. Credentials

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ASA Pathway

FSA Pathway

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SOA Pathway - International Context

• FAP E-Learning Module

• Changes to start in Jan 2020

• Emphasis on real-life interactive scenarios and skill-building activities

• Expanded guidance on communication skills

• Broader international scope

• Cases and examples from the country where candidate work/study

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Where SOA exams are administered

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Top Exam Centers in 2018

Toronto, ON

Seoul, Korea

New York, NY

Chicago, IL

Montreal, PQ

Beijing, China

Kuala Lumpur, Malaysia

Taipei, Taiwan

Hong Kong

Minneapolis, MN

Philadelphia, PA

Shanghai, China

Newark, NJ

Hartford, CT

Boston, MA

Working internationally: qualifications & job market

Becoming an Actuary in Asia

• Most local associations recognize global credentials

• Many markets require passing local actuarial exam(s)

• Some differences, for example:

• South Korea & Indonesia—must belong to local association and pass local exam(s)

• Malaysia requires work experience at a local company before becoming a Qualified Actuary

• Hong Kong & Singapore fully derivative

• India requires local designation to practice

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Becoming an Actuary in China

• International Fellows must pass the “Chief Actuary Qualification Exam” based on Chinese regulations to be a Qualified Actuary

• China Association of Actuaries (CAA) Fellows do not need to take above exam

• University & exam pathway

• Recognized credentials: SOA, IFoA, CAS, AI (Aust)

• Chinese language is a must https://www.e-caa.org.cn/englishIndex

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Qualifications in Asia PacificLocal Association Exam

Fully Derivative

Derivative + Exam

Additional Requirements

Actuarial Society of Hong Konghttp://www.actuaries.org.hk/

SOA, CAS, IFoA, AI (Aust)

New: One(regulatory)

Must be nominated by a fellow member

Taiwan – The Actuarial Institute of Chinese Taipei (AICT)http://en.airc.org.tw/

SOA – LifeCAS – GIIFoA – LifeAI – LifeIAJ - Life

Requires work experience before applying for fellowship

Singapore Actuarial Society https://www.actuaries.org.sg/

SOA, CAS, CIAIFoA, AI (Aust)

Actuarial Asociación of Malaysiahttps://actuaries.org.my/

SOA, CAS, CIAIFoA, AI (Aust)

• At least 1 yr work exp• Country resident or familiar

with labor conditions• Recommended by 2 fellow

members

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Qualifications in Asia Pacific

Local Association ExamFully

DerivativeDerivative

+ ExamAdditional Requirements

Society of Actuaries of Indonesia (PAI)https://www.aktuaris.or.id/

Exclusive Foreign actuary may be Appointed Actuary if• At least 2 years work experience• Is a member with good standing

of an IAA member association• Contribute to local association

The Institute of Actuaries of Koreahttp://www.actuary.or.kr/index.asp

Two exams required

• Certified Actuary need some work experience

• Certified Senior Actuary needs at least 10 yrs. work experience

The Society of Actuaries of Thailandhttps://soat.or.th/en/become-an-actuary

SOA, CAS, CIA, IFoA, AI (Aust)

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Job market in Asia Pacific

▪ Shortage of GI actuaries across the regions

▪ Hong Kong insurance companies have high demand for graduates

▪ Taiwan insurance companies have high demand for interns for big data/modelling (research) projects

▪ Markets like Malaysia & South Korea usually prefer actuaries with some years of experience

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Job market in China

▪ Insurance market is fast growing providing many job opportunities: 85% work in the insurance industry

▪ 70% work in traditional actuarial areas

▪ Highly dynamic and energetic

▪ Expect to multitask and a quick growth with steep learning curve

▪ Must speak the language

▪ Lots of regulatory changes

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Entry-level Jobs

▪ Good college degree + several actuarial exams

▪ Soft skills are very important and in high demand

Experienced hires

▪ Overseas actuaries consider starting at an international company vs. pure domestic

▪ In high demand specialty when paired with good soft skills

Raise your Profile

▪ Internship before graduation

▪ Improve communication skills – can’t emphasize enough

▪ Advance computer skills – go beyond the basics

Getting a job in Asia

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My international story…

▪ Grew up in Taiwan

▪ Attended college in Indiana

▪ Pension actuary / consultant for global firm (Chicago) w/ 3 year expat assignment in Switzerland

▪ Staff Fellow, Retirement at SOA

▪ Senior Director, International at SOA

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A Good Actuary Has…

▪ Strong analytical problem solving skills

▪ Math & numeracy skills

▪ Advanced computer (beyond Excel & Access) such as SQL, Python, or R.

▪ Strong soft skills (in high demand)

▪ Ability to communicate complex concepts

▪ Good business acumen

▪ Project management skills

▪ Strong code of ethics

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Discussion

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